NSE IPO: Following the price band announcement, the grey market premium (GMP) of the mega NSE initial public offering (IPO) has remained between 11-12% roughly, as per websites tracking the unlisted market.
The shares of NSE IPO is commanding a premium of ₹207 in the grey market. The estimated listing price of NSE IPO is likely to be ₹1992, which is 11.60% higher than the IPO price of ₹1785.
Based on grey market trends over the past 10 sessions, the current GMP of ₹207 suggests a bearish sentiment. During this period, the GMP fluctuated between a low of ₹192 and a high of ₹310.
NSE IPO details
The IPO price band has been set at ₹1,700 to ₹1,785 per equity share. The issue will open for eligible investors on September 16, 2026, while bidding for other investors will begin on September 17. The offer will close on September 21, 2026.
At the lower end of the price band, the total offer size is estimated at up to ₹21,486.53 crore, while at the upper end, it could reach up to ₹22,561.57 crore, according to the offer document.
As per the Red Herring Prospectus (RHP), the NSE IPO is entirely an offer for sale (OFS) of up to 12.64 crore equity shares with a face value of ₹1 each. The company will not issue any fresh shares under the public offering.
Investors can bid for a minimum of eight equity shares and thereafter in multiples of eight shares.
State Bank of India (SBI) is set to be the largest selling shareholder in the proposed IPO, offering up to 1.60 crore equity shares. The RHP shows SBI selling up to 1,59,69,410 shares, making it the biggest seller among the top 10 shareholders disclosed in the offer document.
Canada Pension Plan Investment Board will be the second-largest selling shareholder, offering up to 1.19 crore shares, followed by Aranda Investments (Mauritius) Pte Ltd, which plans to sell up to 1.12 crore shares.
Other shareholders participating in the OFS include MS Strategic (Mauritius) Ltd, New India Assurance Company, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India and United India Insurance Company.
Life Insurance Corporation of India (LIC), however, will not participate in the OFS. LIC, which holds a 10.72% stake in NSE, will retain its entire shareholding and is not listed among the selling shareholders.
The RHP also highlights a wide difference in the weighted average acquisition cost of shares held by the selling shareholders. SBI acquired its shares at a weighted average cost of ₹0.80 per share, while the cost for New India Assurance stands at ₹0.32. SBI Capital Markets has an acquisition cost of ₹0.38 per share, followed by Bank of Baroda at ₹0.54 and United India Insurance Company at ₹0.50.
In comparison, Canada Pension Plan Investment Board has a weighted average acquisition cost of ₹324.13 per share. Aranda Investments and MS Strategic acquired their shares at weighted average costs of ₹62.38 and ₹66.54 per share, respectively.
According to the RHP, NSE does not have an identifiable promoter. Eligible employees applying under the employee reservation category will be offered a discount of ₹170 per equity share.
The RHP further stated that NSE’s equity shares will be listed on the main board of BSE Ltd, which has been designated as the stock exchange for the offer.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
